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Principles of Business Economic Decisions and Systems
5/18/2011 8:05 AM
Analyze Career Opportunities in Corporate Economics
Use Internet resources to learn more about careers in corporate economics. Choose one of the job titles listed in the box on page 5 and answer the following questions.
1. Identify the minimum educational requirements for the job. Explain other training or education that might be needed for advancement. (3 pts.) 2. Is this a career that interests you? Describe how you might use your talents, abilities, and skills in this career. (3 pts.) What’s it like to work as a Corporate Economist? 3. What about you? What do you like and dislike about Pierre Latrobe’s schedule and activities? What do you think happens in the team meetings as Pierre and his colleagues prepare the morning briefing? (3 pts.) Section 1-1 Satisfying Needs and Wants 4. Goal 1 - Explain the difference between needs and wants. (2 pts.) 5. Goal 2 – Distinguish between goods and services. (2 pts.) 6. Goal 3 – Describe the types of economic resources. (2 pts.) 7. What goods and services are represented in this photo? (pic on pg. 8) (2 pts.) 8. In what ways does water contribute to the U.S. economy? (pic on pg. 9) (2 pts.) 9. What economic resources are needed for the construction of a house (pic on pg. 10)? (2 pts.) 10. How can a country plan for future limits on its natural resources? (pic on pg. 11) (2 pts.) Business Insight for the 21st Century … Online Micropayments (Think Critically) 1. Why have many consumer changed their views about the value of online content so they are now willing to pay small fees? (2 pts.) 2. Research micropayments and identify unique methods being used by companies to accept and process these small payments. (5 pts.) Section 1-1 Assessment -- Determine the best answer 1. True or False. It is not always easy to determine the products and services that satisfy needs and those that satisfy wants. (1 pts.) (pgs. 6 – 11)
) Section 1-2 Economic Choices 1. 16) (2 pts. why is it often necessary to use library resources to gather and review information related to your research question? (pic on pg. The basic economic problem is that consumers have too many products and services to choose from. Goal 1 – Describe the basic economic problem. He is deciding between studying for a math exam and taking a nap. 12 – 16) 3. True or False. The decision-making process is best to use when (1 pt.) a) Sunlight b) A computer programmer c) Money 4. Goal 2 – Explain the steps in the decision-making process.) a) You already know the choice you will make b) You are facing a decision with several good alternatives c) Groups rather than individuals are making a choice d) You don’t have enough money to pay for any of the choices 3. (2 pts.) 4.) a) The rest he is getting b) The score he will earn on the math exam c) The wages from his part-time job d) All of the above 4. Even with Internet access.) 2. 14) (2 pts.) 2. the opportunity cost of his decision is (1 pt. How does the decision-making process lead to better choices? (Figure 1-1 pg.) Section 1-2 Assessment -. Which of the following would an economist most likely classify as a need? (1 pts. (2 pts. The first step in the decision making process involves (1 pt. (1 pt. An example of a natural resource is (1 pts. John has two hours before having to go to his part-time job.) a) Gasoline for a florist’s delivery truck b) A college degree c) A flat-screen television d) A part-time job to earn extra money 3. List the three types of economic resources.Determine the best answer 1.Student Name Chapter 1 Principles of Business Economic Decisions and Systems 5/18/2011 8:05 AM 2.) .) (pgs. If John chooses to take a nap. (Hint: refer to the vegetable soup example in the lesson. Choose a product and describe how each type of economic resource is needed and used in its production.) (6 pts.
Which of the following addresses the economic question of how to produce? (1 pt. (2 pts.) a) Mixed b) Traditional c) Market d) Command 3.) 5. Goal 3.) 21st Century Skills … Information Literacy (Think Critically) 1. Gauthier explaining how you could have used the decision making process to determine whether or not to attend the CTC for a second year. (2 pts. (15 pts.Student Name Chapter 1 a) b) c) d) Principles of Business Economic Decisions and Systems Defining the problem Setting a goal Indentifying the choices Evaluating alternatives 5/18/2011 8:05 AM 5.) a) Make a profit b) Satisfy customer needs c) Develop new products . In which of the following economic systems is the government’s role greatest? (1 pt. Writing.Identify the three economic questions.) Section 1-3 Economic Systems 1.) 4. 19) (2 pts.Describe the economic system of the United States.Determine the best answer 1. 20) (2 pts. The primary reason business owners make investments and take risks in a private enterprise economy is to (1 pt. 17 – 21) 3. Goal 1. Why should you try to avoid basing your actions on opinions rather than facts? (2 pts. What are some problems that might result from decisions made in a market economy? (pic on pg. (4 pts.) 2. Goal 2 – Differentiate among the main types of economic systems.) a) Growing corn instead of potatoes b) Requiring individuals to complete specific types of work c) Producing more capital goods and fewer consumer products d) Selling natural resources to other countries 2. Write a memorandum to Ms. How is business ownership affected by different types of economic conditions? (pic on pg.) 2. Do you believe some questions can be answered by just gathering and reviewing existing information rather than collecting new data? Why or why not? (2 pts.) Section 1-3 Assessment -.) (pgs.
Usually increase as well b. Both individuals and organizations can be producers. Supply is the quantity of a good or service that a consumer is willing and able to buy at a particular price. There is no way to predict what will happen to prices due to competition 4.Determine the best answer 1. (5 pts. 24. (1 pt. How does this approach to solving world hunger differ from other relief efforts that distribute food. what is the quantity producers are willing to supply? (1 pt.50 $30.500 7. when the demand is 125.00 $27.50 $25. (1 pt. As competition increases.900 4.800 6. also on pg.) 2.) 4. Calculate the total value of sales at each possible price for a product with consumer demand shown in the table.) 3. SKIP 5. True or False. 23 – 26) 1. Using the Supply for Designer Jeans graph. Checkpoint – How does the price of a product affect demand and supply? (2 pts.) a.300 Total Value of Sales Business Improving Society … Heifer International (Think Critically) 1. True or False.00 Quantity Demanded 8. and health supplies? (2 pts. Are not affected so will usually not change c.) 2.000 pairs of jeans. Using the Demand for Designer Jeans graph on pg.Student Name Chapter 1 Principles of Business Economic Decisions and Systems 5/18/2011 8:05 AM d) Meet government requirements 4. clothing. what is the price? (1 pt.) 3.00 $22. prices (1 pt.) Section 1-4 Assessment -. when the price is $150.) Price $20. milk.200 5. SKIP Section 1-4 Supply and Demand (pgs.) . 24. Checkpoint – How is the market price for a product determined? (2 pts. Usually will decrease d.
Describe factors of production used by the business that fit within each of the three kinds of economic resources. Prepare a visual to illustrate how you would complete each step in the decision-making process for the problem. Do you agree that the term “private enterprise is a good description of the U.Student Name Chapter 1 Principles of Business Economic Decisions and Systems 5/18/2011 8:05 AM 2.) 4. Use the Internet to locate examples of other organizations that are working to reduce hunger around the world. such as selecting a college or career or making a major purchase.) a) Trying out for an athletic team b) Accepting a part-time job c) Studying for an important job d) Saving money to buy a used car 6. a market economy. Economy? Why or why not? (3 pts.) 5. (5 pts. service.) . Identify five products or service that could be either a need or a want. Write a summary of the article in which you identify who is affected by the scarcity and the effect it is having on businesses and consumers. Provide an example for each that illustrates when it would be considered a need and when it would be considered a want. or natural resource. Explain how freedom of choice can affect the availability of products and services for consumers. (15 pts.) 8. and a traditional economy. (3 pts. Find a newspaper or magazine article that deals with scarcity of a product.) Chapter 1 Assessment Communicate Business Concepts (pgs.S. How are they similar to or different from Heifer International? (3 pts. Develop a table that compares the answers to the three economic questions for a command economy. Identify an important decision you will need to make in the near future. (5 pts.) 3. (5 pts. Identify a possibly opportunity cost for each of the following: (3 pts. 28 – 31) 1. Now explain how it can also affect the profit a business might make on the products and services it sells. (9 pts.) 7.) 2. Select a business with which you are familiar.
12. 14. h. i. Making Academic Connections 31. 21. Producers Scarcity Services Supply Trade-off Traditional economy Wants 11. 16. 15.Match the terms listed with the definition KEY TERMS (20 pts. t. Individuals and organizations that determine what products and services will be available for sale. Process of choosing which needs and wants will be satisfied. Economy in which goods and services are produced the way it has always been done. b. 27. 13. 20. Economy in which resources are owned and controlled by the government. Things that are required in order to live. q. r. Things that you can see or touch. 25. Private ownership of resources by individuals rather than by the government. p. k. 30. e. 23. Things that add comfort and pleasure to your life. How much longer than the worker in Country 1 must a worker in Country 3 work to earn enough to buy food for a family of four for a total of four weeks? Than a worker in Country 2? (1 pt. l. c. The method a country used to answer the three economic questions. 26. Use the information to answer the following questions: a. f. 18. Things available to be used to produce goods and services. Activities provided for the satisfaction of others that are consumed at the same time they are produced. The table below shows the average number of working hours it takes a worker in three cities in different countries to earn enough money to purchase several products and services.) . MATH. 24. Economic system Goods Market economy Market price Mixed economy Needs Opportunity cost n. Not having enough resources to satisfy every need Quantity of a good or service that businesses are willing and able to provide.Student Name Chapter 1 Principles of Business Economic Decisions and Systems 5/18/2011 8:05 AM Develop Your Business Language -. o. Capitalism Command economy Consumer Demand Economic decision making Economic resources g. 17. 22. Value of the next-best alternative that you were not available to choose. 28. Point where the supply and demand are equal. 19. Giving up on something to have something else. Quantity of a good or service that consumers are willing and able to buy. d. Economy that combines elements of the command and market economies. m.) a. Person who buys and uses goods and services. j. Economy in which the resources are owned and controlled by the people of the country. 29. s.
What is the total amount of time a worker in each country would have to work to purchase each of the products and services listed? (6 pts. Countries that use modern technology and equipment can produce more with fewer people in a shorter time than countries in which many workers perform the work by manual labor.0 hr. 53. 701.) .0 min.0 hr.) c.380. of ground beef Large-screen TV 1 tube of toothpaste City bus fare 1 pair of men’s shoes 1 week of food for a family of 4 COUNTRY 1 17. 3. 13. 8. How many eight-hour days would a worker in each country have to work to buy a largescreen TV? (1 pt.0 min.000 49 American Enterprise Project….) c. How many people were working in agri-cultural job in the traditional economy than in the market economy? (1 pt.Student Name Chapter 1 Principles of Business Economic Decisions and Systems 5/18/2011 8:05 AM b. how much more productive was the worker in (b)? (1 pt. COUNTRY 2 29.0 min. 7.0 min. 24. In which system was each farm worker more productive? (1 pt. COUNTRY 3 56. a.) 2. Why is it important for young Americans to understand the American enterprise system? (3 pts.) b.5 hr.) 3. List five major concepts that middle school students should understand about the American enterprise system. Decision-Making Strategies 32. 27.350.0 hr. 16. In terms of people supplied from the output of each farm worker. 11. 18. 25. List two strategies to use during the presentation that will hold the attention of middle school students? (2 pts. 7. and then answer the questions that follow. 132.0 hr.6 hr.0 min.0 min.think critically 1.0 min. 65. (3 pts.000 7 MARKET ECONOMY 4.0 hr.0 hr.) 1 lb. Study the figures below for farm workers and their yearly output in two different kinds of economic systems.0 min.0 min.) Size of the agriculture labor force Number of people supplied with food from the labor of each agriculture worker TRADITIONAL ECONOMY 34.7 hr.
Describe a joint project between FBLA members and middle school students that could be used to strengthen understanding about the American enterprise system. (3 pts.) .Student Name Chapter 1 Principles of Business Economic Decisions and Systems 5/18/2011 8:05 AM 4.
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